Click to play videoNew Delhi: Its not just India, the rest of the world is reeling from the oil crisis. In fact, panic buttons are being pressed across the world as countries desperately look for a way out.
Fishermen in Spain are the latest to join protests across the globe against the fuel crisis. With oil prices skyrocketing, several governments are counting their options.
In UK, Prime Minister Gordon Brown has called for a global strategy to combat the price rise. To increase domestic production Britain has also granted two fresh licenses for drilling in North Sea oil fields.
Brown said, “We want to do more to increase production in the North Sea, and we've made proposals today that I believe will incentives not only existing fields but new fields to come on stream."
Across the Atlantic, the US House of Representatives has passed a legislation to sue OPEC members for limiting oil supplies.
The bill would allow the Justice Department to subject OPEC member nations to the same anti-trust laws as US firms. But the White House has threatened to veto it.
Then comes the unexpected announcement from Indonesia, the only South East Asian OPEC member since 1962.
It plans to withdraw from the body citing a decline in domestic crude production.
Indonesia Energy Minister Purnomo Yusgiantoro said, “It's not soon but we declared that we pulling out from OPEC, you can quote that Indonesia is pulling out from OPEC."
The skyrocketing prices is starting to hit the airline industry too. Airbus says it expects the high oil prices to lead to aircraft order cancellations.
Australian carrier Quantas has announced it will lay off staff and reduce flight operations to offset the higher costs.
(For updates you can share with your friends, follow IBNLive on Facebook, Twitter and Google+)
displayed with permission. Use of the CNN name and/or logo on or as part of CNN-IBN does not derogate from the intellectual property rights of Cable News Network in respect of them.